GCOW vs. PWV
GCOW (Pacer Global Cash Cows Dividend ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - GCOW tracks the Pacer Global Cash Cows Dividends Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, GCOW returned 9.95%/yr vs 12.39%/yr for PWV. A 0.75 correlation means they provide meaningful diversification when combined. GCOW charges 0.60%/yr vs 0.58%/yr for PWV.
Performance
GCOW vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, GCOW achieves a 7.34% return, which is significantly lower than PWV's 15.98% return. Over the past 10 years, GCOW has underperformed PWV with an annualized return of 9.95%, while PWV has yielded a comparatively higher 12.39% annualized return.
GCOW
- 1D
- 0.00%
- 1M
- -6.00%
- YTD
- 7.34%
- 6M
- 7.32%
- 1Y
- 21.14%
- 3Y*
- 15.59%
- 5Y*
- 11.72%
- 10Y*
- 9.95%
PWV
- 1D
- 1.05%
- 1M
- 2.93%
- YTD
- 15.98%
- 6M
- 15.58%
- 1Y
- 27.69%
- 3Y*
- 21.59%
- 5Y*
- 14.11%
- 10Y*
- 12.39%
GCOW vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GCOW Pacer Global Cash Cows Dividend ETF | 7.34% | 27.34% | 3.52% | 13.95% | 5.49% | 14.58% | -4.33% | 17.81% | -7.99% | 20.71% |
PWV Invesco Dynamic Large Cap Value ETF | 15.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between GCOW and PWV is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2016 | 0.75 |
The correlation between GCOW and PWV shifts across timeframes, from 0.61 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GCOW vs. PWV — Risk / Return Rank
GCOW
PWV
GCOW vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Global Cash Cows Dividend ETF (GCOW) and Invesco Dynamic Large Cap Value ETF (PWV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GCOW | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.52 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 6.86 | -3.80 |
| Martin ratioReturn relative to average drawdown | 10.42 | 22.94 | -12.52 |
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Drawdowns
GCOW vs. PWV - Drawdown Comparison
The maximum GCOW drawdown since its inception was -37.64%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for GCOW and PWV.
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Drawdown Indicators
| GCOW | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.64% | -49.04% | +11.40% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -4.05% | -2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -12.35% | -14.31% | +1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -21.48% | -16.36% | -5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -37.64% | -37.67% | +0.03% |
Current DrawdownCurrent decline from peak | -6.93% | -0.05% | -6.88% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -9.48% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.21% | +0.82% |
Volatility
GCOW vs. PWV - Volatility Comparison
The current volatility for Pacer Global Cash Cows Dividend ETF (GCOW) is 2.89%, while Invesco Dynamic Large Cap Value ETF (PWV) has a volatility of 3.42%. This indicates that GCOW experiences smaller price fluctuations and is considered to be less risky than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCOW | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.89% | 3.42% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 8.29% | 7.04% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 9.57% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 14.33% | -0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.03% | 17.15% | -1.12% |
GCOW vs. PWV - Expense Ratio Comparison
GCOW has a 0.60% expense ratio, which is higher than PWV's 0.58% expense ratio.
Dividends
GCOW vs. PWV - Dividend Comparison
GCOW's dividend yield for the trailing twelve months is around 4.90%, more than PWV's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GCOW Pacer Global Cash Cows Dividend ETF | 4.90% | 4.06% | 5.14% | 5.28% | 4.39% | 4.23% | 4.12% | 4.40% | 3.94% | 2.79% | 1.95% | 0.00% |
PWV Invesco Dynamic Large Cap Value ETF | 1.73% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
GCOW and PWV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (3.42%) compared to GCOW (2.89%). In terms of maximum drawdown, GCOW dropped -37.64% vs PWV's -49.04%.
On 10-year performance, PWV leads with 12.39% vs 9.95% for GCOW. On fees, PWV is cheaper at 0.58% per year. On volatility, GCOW has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWV has performed better with a 12.39% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWV is cheaper with a 0.58% expense ratio, compared with 0.60% for GCOW.
GCOW has the higher dividend yield at 4.90%, compared with 1.73% for PWV.
GCOW tracks Pacer Global Cash Cows Dividends Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: Pacer and Invesco. Their fees differ too: 0.60% for GCOW and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.92 vs 1.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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